We got the first miss on the US NFP number but that doesn't mean it's bad news. The number is still within the range of expectations and it's not that big of a miss. The unemployment rate is also within the range of expectations of 3.8% to 3.9%. The surprise was on the average hourly earnings figures with a bigger than expected miss. This should set aside the inflation fears coming from increasing wage growth and support risk assets (at least in the short term).
The next data to watch will be the prices index in the US ISM Services PMI where a benign number could seal the positive risk sentiment going into the US CPI in two weeks.
US Jobs data
